Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 61:

• JAMB 2015

The process of cost apportionment is carried out so that

A. Indirect costs may be controlled
B. Cost units could gather overhead as they pass through cost centres
C. Variable costs may be controlled
D. Common costs are shared among cost centres

Question 62:

• JAMB 2015

Preliminary expenses is an example of

A. Fictitious assets
B. Liquid assets
C. Wasting assets
D. Tangible assets

Question 63:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is

A. N169, 200
B. N44, 200
C. N55, 800
D. N230, 200

Question 64:

• JAMB 2015

What is the ledger entry for sale of generator on credit to Patrick?

A. Credit sales account and debit Patrick’s account
B. Credit generator account and debit cash account
C. Credit sales account and debit cash account
D. Credit generator account and debit Patrick’s account

Question 65:

• JAMB 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

A. N7950
B. N8050
C. N7050
D. N8950